Argo's Lindbergh Oil Well on Production
Argo's Lindbergh Oil Well on Production
Toronto, Ontario--(Newsfile Corp. - March 30, 2023) - Argo Gold Inc.
(CSE:
ARQ
) (OTCQB:
ARBTF
) and (XFRA, XSTU, XBER:
A2ASDS
) ("
Argo
") announces that the
Lindbergh Area Sparky oil well was drilled in mid-March 2023 and is now on production at anticipated
rates.
Argo participated for 37.5% of the Lindbergh well and Argo's share of production is expected to
yield 55 to 70 barrels oil/day.
Argo has an area of mutual interest at Lindbergh whereby Argo can participate in additional oil wells for
37.5% of the drilling, completion and equipping costs associated with any future wells drilled on the
Lindbergh prospect.
Argo will have 37.5% of any production from future wells.
In the area proximal to the
current Lindbergh oil well, the operator has identified up to 6 additional oil well development locations.
As announced on February 1, 2023, Argo is currently completing a private placement of 12,000,000
shares at a price of $0.10 per share, for gross proceeds of up to $1,200,000.
The proceeds of the
financing will be used for; participation in the Sparky oil wells, advancement of the Nisku Oil Farm-ins,
and general corporate purposes.
Finder's fees may be payable to qualified individuals pursuant to which
the finder may receive a finder's fee equal to 8% of the gross proceeds of the financing attributable to
such finder.
About Argo Gold
Argo Gold is a Canadian mineral exploration and development company.
Information on Argo Gold can
be obtained from SEDAR at
www.sedar.com
and on Argo Gold's website at
www.argogold.com
.
Argo
Gold is listed on the Canadian Securities Exchange (
www.thecse.com
) CSE:
ARQ
as well as OTCQB:
ARBTF
and XFRA, XSTU, XBER:
A2ASDS.
For more information please contact:
Judy Baker, CEO
(416) 786-7860
www.argogold.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES
PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information"
within the meaning of applicable securities law.
Forward-looking information is frequently
characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or conditions "may" or "will" occur.
Forward-
looking statements are based on the opinions and estimates at the date the statements are made,
and are subject to a variety of risks and uncertainties and other factors that could cause actual events
or results to differ materially from those anticipated in the forward-looking statements including, but not
limited to the financing not being completed in its entirety, or at all, delays or uncertainties with drilling
and surface preparation work, and not achieving hoped for exploration success.
There are
uncertainties inherent in forward-looking information, including factors beyond the Company's control.
The Company undertakes no obligation to update forward-looking information if circumstances or
management's estimates or opinions should change except as required by law.
The reader is
cautioned not to place undue reliance on forward-looking statements.
Additional information
identifying risks and uncertainties that could affect financial results is contained in the Company's
filings with Canadian securities regulators, which filings are available.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/160549